After a conversation between Hani Salem Sonbol, the ICD’s Acting CEO, and Sardor Normukhamedov, Trustbank’s Chairman of the Board, ICD, the Islamic Corporation for the Development of the Private Sector would provide $20 million in finance to Uzbekistan’s private sector. This amount of money awarded by the ICD Uzbekistan will be able to finance private sector firms, mainly SMEs.
Between 2018 and 2021, Trustbank obtained two lines of credit totaling $17 million. In conjunction with the ICD, 11 initiatives in diverse sectors of the economy are implemented in Uzbekistan. During the discussions, both parties highlighted that the monies granted will help to build not just SMEs but also the country’s economy.
The Islamic Corporation for the Development of the Private Sector (ICD) is a multinational development finance institution and a member of the Islamic Development Bank Group. ICD was established in November 1999 to aid the economic growth of its member nations by providing money for private sector initiatives, supporting competition and entrepreneurship, advising governments and private enterprises in its member countries, and encouraging cross-border investments.
Trustbank Private Joint Stock Bank, founded in 1994, conducts banking activities and is located in Tashkent, Uzbekistan’s capital. The bank employs 1,801 people and has 14 locations to provide financial services.